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OUT OF WORK

QUESTION: I was out of work for most of last year, so I had to tap a large part of my savings to pay my monthly mortgage, property-tax assessments and other bills.

                       I recently did some rough calculations, and it looks as if I will be entitled to about $3000 income-tax refund because my deductible expenses were nearly twice as much as I earned. If I am owed a refund, will I still have to pay a penalty to the IRS if I don’t file my return by April 15th? 

ANSWER: No. penalties and interest usually are assessed only on people who own money to the IRS but don’t file a return by April 15th. No such fees are charged to Americans who are entitled to a refund and file late, because they essentially provide the government with an interest free loan until they get their return and the IRS cuts a check.

                    Of course, if you are owed a refund, there’s no reason to delay filing your return. The sooner you complete your 1040 form, the sooner you ill get a check and you can start using the money for yourself instead of letting Uncle Sam keep it in his own pocket.

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